Savings Rate Stagnant for Many

April 29, 2002 ( - Though the economy is still struggling, not that many respondents to a survey have made plans for a rainy day.

The March 2002 survey by TrueCareers, an online recruitment company, found that more than half of respondents have not saved more in their 401(k) plan or in another savings account.

Among those who changed their saving habits, the number of people who said they saved more virtually equaled the number who cut their savings rate.

Still, the weak economy has had a notable impact on the respondents with:

  • a quarter relying on a second source of income beyond salary,
  • another quarter searching for second income source, and
  • 36% thinking about getting a part time job

Unsatisfactory Pay Hikes

In addition, the survey found that some respondents’ salary fell below expectations. According to the survey, 65% were unsatisfied with their most recent salary review.

This includes:

  • 28% whose company didn’t give raises because of the economy, and
  • 29% whose raises were less than expected

TrueCareers is a subsidiary of Sallie Mae, the education-funding agency.  The survey covered 234 respondents.